Laos Launches Gold Bank to Strengthen Financial Stability & Support Lao Kip

• 21 August 2024
• Construction Focus
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Laos is set to launch its first Gold Bank next month, an initiative aimed at bolstering gold reserves and enhancing the financial stability of the Lao Kip. The establishment of the “Lao Bullion Bank” is a result of a recent agreement between the Lao Ministry of Finance and PTL Holding Co., Ltd., with the full range of services expected to be operational by the end of November 2024, according to The Laotian Times.

The Gold Bank will offer gold deposit services to individuals and businesses while playing a crucial role in the country’s gold market. Chanthone Sitthixay, President of PTL Holding, highlighted that this bank will provide vital financial services and create new opportunities within the gold sector.

Finance Minister Santiphab Phomvihane emphasised the significance of gold in the nation’s economic framework, noting its potential to drive socio-economic development and address financial challenges. He further stated that the Gold Bank will assist in raising funds and strengthening the value of the Lao Kip.

• Economy and Finance
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